J.P. Morgan Initiates M/A-Com at Overweight; PT of $25

According to a research report this morning, J.P. Morgan initiates the leading provider of high-performance RF, microwave, and millimeter-wave semiconductor components and solutions, M/A-COM MTSI, with an Overweight rating and a PT of $25. J.P. Morgan explained, “We believe market share gains, design wins, and new product ramps should drive double-digit sales growth at least 200-300 bps above peers, while a richer product mix and operational efficiencies should drive margin expansion of over 1,000 bps (next six quarters).” M/A-COM closed yesterday at 19.83.